FxPapa.com Review

This Vendor has made a runner.

1. He stopped trading after a 40-50% Drawdown from 3 trades
2. he has made his live myfxbook system private
3. his EA failed to trade within its set sl llimit
4. this is the 2nd system from the same author which has gone bust/ big DD
5. stay away from this vendor as he will try to start fresh under a new name.

WOW, What a scam. $400 for a trade copier that doesn't follow its own rules. The EA is supposed to close a trade after about -200 pips after opening 3 trades in loss. There was no explanation on why it broke its own rules. The EA broke the rules to try to recoup some losses after a really horrible trade and ended up -500 pips in the rears at one point. To make matters worse on winning trades the EA will close at +8 pips profit MAX! Terrible strategy period. I should have known. STAY AWAY. Very unethical. It wouldn't have been that bad if the EA just stuck to it's own rules but in the long run I doubt it would have been profitable. Now the system is private even from it's own paid users like me.Unbelievable. The EA should be removed from the site.

In my view there was a possible unethical behavior here for 2 reasons:

- EA developer initially said the EA would work in a certain manner and after a certain pips negative, all 3 trades (grid) would close. This is not happening now. The 3 trades had to be closed in loss, and EA developer increased the risk to avoid a loss so that his history would show this loss. What happened at this moment is that his 300% profit in 7 months are now close to 100% since there are 3 trades negative that ate 200% of his profit.
- Without previous notice, EA developer changed public account into hidden account after this event above (3 trades negative above stop-loss) so that potential buyers don't see what is happening.

2012-07-27 2 Stars Just a small correction: the FPA account opened 2 trades and my account open 2 trades too, but the FPA (and FxPapa official account) both won and my account had a weird behavior because it didn't open as it should, the lot sizes and gap were different. Moreover, at this moment (July 26-27), the official account and FPA account had 3 trades open with a drawdown of about 20% and the limit was 15%. I believe the developer might be manipulating this to avoid another loss (widening the risk once he saw there is a risk of loss) so that the numbers shown will not reflect the truth. If I am correct, server shows something and your side (slave) will have a different result. This could mean a possible unethical behavior or it doesn't have explanation - since the risk was 15% these 3 trades had to be closed with 15% loss and were at the slave (user) side. So now I definitively can say I wouldn't recommend this EA. I deactivated my licenses and have no plan to restart them.

2012-07-25 2 Stars I believe the current version of FxPapa has a bug and I deactivated my licenses. The FPA account and their account opened 3 trades (to recover) and mine opened only 2. They won and I lost. This is the 2nd version that is released with a bug, so I'm a little disappointed. . They should have more careful before releasing new versions. I'll wait and see if they fix this and how future versions go, but the true thing is that my account is not reflecting perfectly FPA account so I'm giving 2 stars for a performance below expectations.

2012-05-16 3 Stars I need to apologize for what I said this morning. For a moment, I thought the EA people weren't being very honest concerning the reduction of lot and lack of reflection in my account. This link explains the lot was reduced because of the broker and the law, not because the EA. So I will keep average and maybe improve it along the year. I hope they fix the 3rd trade issue mentioned. It rarely happens but it would be good to see it working for all brokers. The link explaining the difference (reduction of leverage): http://corporate.ibfx.com/News/Margin-Requirement-Changes-Canadian-Resident-Customers

2012-05-16 2 Stars Today I noticed this EA still has a few issues. First, my EA is not reflecting the EA FPA shows here. Today, 15-16 May, the EA opened lots of 0.12 (instead of 0.63) and loss all 3, as you can see in the account. In my account, if I had the same capital, same risk, it would have opened 0.63. So their loss was much smaller and my loss much bigger. Why did they open only 0.12? They bought against the trend in a trendy day, where the news are all about the European crisis. Moreover, my EA didn't open the 3rd trade, which is used as a chance to recover the first 2, so it's not working properly. Although the developers keep saying they are doing the best they can, the second issue, I was told, had been fixed in version 3, as I wrote below. It seems it was not. So I'm disappointed and I didn't like the developer reduced the lots. If they thought they had to reduce and go with 20% of the lots, they had to do the same in our account or remain out. Fix the issues once for all or I will think this is a scam.

2012-03-21 No RatingJust a small note to say the issue I mention below was fixed and an improvement was made in version 3 to solve potential issues when connection is lost. It should work well now and reflect the FPA account results. Good product in my view.

2012-03-16 No Rating I received version 3 this week and they said the issue is fixed. In a general way, I like this EA, let's see.

2012-03-12 3 Stars When this EA is a winner, it works well. The current problem is that this EA is a signal copier and handles the trade once it's opened but my EA is not opening the 2nd trade. This EA works as a kind of grid with a maximum of 3 trades and maximum risk set by user (15 is maximum allowed). My EA doesn't open 2 trades at the same time so when the 1st goes negative about 50 pips, only the source EA (the one shown here in the FPA) opens a 2nd trade to recover from the loss. My EA sells the 1st one with a loss of about 50 pips and doesn't open the 2nd. The source EA keeps both open to recover. So, although this seems to be a good EA, and if this is fixed I will improve the rating, at this moment, I give 3 stars, but the EA does't perform as expected. It's still OK, but not so good as the one shown here. Hope they fix this.

2012-01-23 3 Stars Just an update. The EA recovered the losses. I'm using risk 2 and now I increased to 3.5. The "factory setting" is 10. I don't know why the system had the initial losses and I contacted their support and they didn't know either. Anyway, after 1 month, it was usually a winner system. So risk 2 in a real account made about 3.5% (supposing the initial losses are related maybe to a initial and uncommon behavior), which matches approximately what their account shown here in FPA shows. I'll give 3 stars and if it continues profitable next month, I may give more stars. So far it seems the product perfoms as expected, so this means 3 stars according to the rating specs.

2012-01-16 3 Stars My EA had 2 big losses in different times on December 21st and another loss on December 22nd, all in GBPUSD. The FPA account doesn't show these losses. I found this weird. Anyone here using the EA in a real account had losses too these days? Since December 21st, the EA lost 0.9% of the account, in the worst moment it was losing 3.6%. I'm currently giving 2 stars, but I should evaluate more and may give 2 in the future in case it doesn't recover.

If you choose 15% risk, then this EA is doing an average of 0.5% per good trade or less. A bad trade is causing 15% loss. Few trades after purchasing the EA there was a 15% loss. Before getting back to even there was another 15% loss. I told the vendor that I do not want to use this EA anymore as it causes damage to my acocunt. I suggested that he will refund me. The answer was that they do not have a refund policy and that they will try to be better. I stopped using this EA. My total loss of using this EA, including the price of the EA is about $1400

Not too many orders, but very reliable.
Going up steadily. Superb customer support. So far, five stars.

Hello, ok I understand and accept the explanation about below described change in lot size, it seems as it was a broker issue, not ine if EA itself. Therefore I correct again back to 5 star rating.

2012-05-17 1Star Hello everybody,

I bought the EA and I am testing it on demo account with start capital of USD 50000.- Yesterday (15.5.2012) EA opened 3 GBPUSD buys after the first and second went wrong with 2.55 lot size. That all went wrong and they were closed by EA on 10% loss level. (by the way, why has the EA opened GU buy when ALL INDICATORS pointed a clear sell trend!!!)
There live test accocunt at FPA however shows this 3 buys with 0.12 lots each instead of expected 0.63 lots each! Why does the FPA report show lowered lots instead of expected 0.63???
I expect an answer throught FPA from FxPapa people. Thanks in advance.

FPA Review Moderation Team Note: The FPA is monitoring that test using the investor password. All data we display is pulled directly from the broker. The settings are controlled by FxPapa.

We recommend contacting FxPapa support about this.

I have try the EA 2 1/2 month with positiv Results on two Accounts, now since yesterday Wednesday 16.05.2012 all Profit´s till this moment are gone ! Now I try it with Forex Envy Power.

I am very embarrassed writing a negative comment just two weeks after positive comment as shown bellow.
As Fabio Arujo commented same thing happened at my live account as well. EA opened two 0.57 lots of buying GBPUSD, and hit the 15% SL before it opened the 3rd lot. And they say, "we are doing our best to solve this problem," then no answer.
Stay way at least until they clear all the problem.


Rating: No Rating
Date of Post: 2012-05-02
Review: I have closely monitored this EA for long, and finally bought it two weeks ago. The performance is great (although it is too early to say) matching with the one here at FPA, which is consistently making a profit. It is the best EA I'v ever tried for last three years. Strongly recommendable!

Fabio, I purchased this product based on your previous review. Despite I lost 10% based on my default setting 10, I am happy with their fast email response. Initially, I also didn't figure out how the lot size got mapped to my account. Now they emailed me this formula:
____________________________________________________
What you can set is Max DD (Risk Percent) and the EA adjusts the lot size itself based on account free margin and Risk Percent and account leverage.

The max acceptable risk for 1:10 leverage is 1.5%.
The max acceptable risk for 1:50 leverage is 7.5%.
The max acceptable risk for 1:100 leverage is 15%.
The max acceptable risk for 1:200 leverage is 30%.

If your account is standard (1 Lots = 100,000 USD) then:
Order_Lots = Risk_Percent * AccountBalance / 200,000

If your account is Mini (1 Lots = 10,000 USD) then:
Order_Lots = Risk_Percent * AccountBalance / 20,000

If your account is Micro (1 Lots = 1,000 USD) then:
Order_Lots = Risk_Percent * AccountBalance / 2,000
_______________________________________________

As my leverage is 1:200, I set my Risk Percent as 30. I think the master account is also using 30 for Risk Percent. My balance is $464, and the master acct balance is $767, the most recent lot size opened on master acct is 0.11, so my lot size should be (0.11/767)*464=0.0665, it matched my actual opened lot 0.07.

Fabio, you said it would have opened 0.63 for you, did it really open 0.63 for you, or you just think it would have?

This EA is the same people who created http://www.cyber-forex.com. Account will work for a while and then blow up, I don't know if this will be the case with FxPapa.

look at their history in this site cyber forex.

Just be careful.